Rachel Lord, head of corporate equity derivatives at Citigroup Inc., left to join BlackRock Inc., one of the U.S. bank’s biggest clients.
Lord, who joined Citigroup in 2009 after more than a decade at Morgan Stanley, will run the European arm of iShares, BlackRock’s exchange-traded funds division, the New York-based money manager said in a memo to employees today. She replaces Joe Linhares, who will return to the U.S. at the year-end.
“Our primary challenge in Europe is growing the pie -- expanding the ways clients use ETFs,” David Blumer, head of BlackRock in Europe, the Middle East and Africa, and Mark Wiedman, global head of iShares, said in the memo. “Rachel brings together a number of capabilities we believe are essential for this next era of iShares.”
Jeffrey French, a spokesman for Citigroup in London, said “a replacement will be named in due course.” Lord ran the business that arranges customized equity derivatives that aren’t traded on exchanges.
BlackRock Chief Executive Officer Laurence D. Fink has said the world’s largest asset manager has the potential to increase its asset base by about 5 percent annually by developing new ETFs, which give investors exposure to baskets of stocks, bonds and other securities and are traded throughout the day like stocks. Investors poured $81.6 billion into U.S. and international stock ETFs in the first seven months of this year, according to Morningstar Inc. in Chicago.
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